What I should know if I want lease my own home? 21 Answers as of May 19, 2014

I want to sell my house by a lease to own and have questions.

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Lawrence Lewis
Lawrence Lewis | Lawrence Lewis, PC
The name of a good attorney. Free/cheap always costs in the end.
Answer Applies to: Georgia
Replied: 5/19/2014
Law Offices of Ronald A. Steinberg & Associates | Ronald A. Steinberg, BA, MA, JD
You need a real estate lawyer. This is not a simple matter to be discussed in an email. You have liability issues and you have rights to be protected. The entire matter must be in writing, due to the Statute of Frauds. Don't screw around; get a competent lawyer.
Answer Applies to: Michigan
Replied: 5/14/2014
Goldsmith & Guymon
Goldsmith & Guymon | Dara Goldsmith
You should probably speak with an attorney, CPA and real estate agent. There are lots of issues across the board.
Answer Applies to: Nevada
Replied: 5/5/2014
Chalat Hatten Koupal & Banker PC
Chalat Hatten Koupal & Banker PC | Linda Chalat
It is always a good idea to discuss real estate agreements with a real estate attorney. However, if you wish to act on your own, you may find an agreement available at LegalZoom.com or Nolo.com.
Answer Applies to: Colorado
Replied: 5/5/2014
Law Office Of Victor Waid
Law Office Of Victor Waid | Victor Waid
You should consult a real estate lawyer to assist you in drafting the appropriate documents.
Answer Applies to: California
Replied: 5/5/2014
    Law Office of James E. Smith
    Law Office of James E. Smith | James Smith
    Need a contract for sale and record it
    Answer Applies to: Nevada
    Replied: 5/5/2014
    Minor, Bandonis and Haggerty, P.C.
    Minor, Bandonis and Haggerty, P.C. | Brian Haggerty
    Do NOT do this without advice from a real estate attorney. Trust me, if the deal goes bad it will be a lot more expensive than getting it done right to begin with.
    Answer Applies to: Oregon
    Replied: 5/5/2014
    Law Office of Marc June
    Law Office of Marc June | Marc June
    This is not a question which can be answered by a single post. It will depend on all the facts. With your house being one of your major assets, if not your biggest major asset, I would investigate this by investing in the cost of consulting a real estate lawyer or possibly a realtor.
    Answer Applies to: Alaska
    Replied: 5/5/2014
    Law Office of Patricia A. Simmons
    Law Office of Patricia A. Simmons | Patrica A Simmons
    Contact a real estate attorney to assist you.
    Answer Applies to: California
    Replied: 5/5/2014
    James Law Group
    James Law Group | Christine James
    You need to meet with an attorney. You need a proper agreement and need to protect yourself. You could lose a lot in this type of situation so do it right from the start.
    Answer Applies to: California
    Replied: 5/5/2014
    Patrick W. Currin, Attorney at Law | Patrick Currin
    Lease to own and/or installment land contracts can work, but are generally a bad idea for a variety of reasons. I would tread carefully and obtain legal counsel before signing any documents.
    Answer Applies to: California
    Replied: 5/5/2014
    Frederick & Frederick PLC | James P Frederick
    You will need to deal with property tax issues, transfer tax issues, insurance issues, as well as having the correct paperwork prepared to protect you and your interest in the home. A meeting with a lawyer would be a good idea, so you can be aware of the potential and actual issues. Is there a reason why you would do this instead of just selling?
    Answer Applies to: Michigan
    Replied: 5/5/2014
    Ashcraft & Ashcraft, Ltd.
    Ashcraft & Ashcraft, Ltd. | Randall C. Romei
    Will the buyer/lessee have rights to terminate the lease and the obligation to purchase. If so, the allocation of lease payments to refundable earnest money, if any, must be clearly stated. The amount of the lease payments applied as a credit against the purchase price must be clearly stated. The contract of purchase must include a standard lease to give you the usual landlord rights, including eviction rights for failure to meet the obligations under the lease. In which case, what will happen to the portion of prior lease payments that would have been applied as a credit against the purchase price. As the owner you will require indemnity and insurance protection against personal injury liability and property damage. The obligation to make routine maintenance and maintenance of building systems; such as, HVAC, plumbing, roof, structure, etc., must be clearly stated and allocated. The obligation to pay real estate taxes and other regular ownership expenses must be clearly stated and allocated. The buyer/lessee should clearly and sufficiently waive their right to record the contract and seek specific performance so that the property can be marketed in the event of the contract/lease is terminated. This may protect the ability to sell to a third party in the event of a dispute over the contract and lease. How long will the lease arrangement last before the sale must be completed and what will happen if the buyer/lessee is unwilling or unable to complete the sale at that time. You might consider an installment sale rather than a lease to buy arrangement.
    Answer Applies to: Illinois
    Replied: 5/5/2014
    Musilli Brennan Associates PLLC
    Musilli Brennan Associates PLLC | John F Brennan
    It would very strongly suggest that you speak with an attorney about this transaction and make sure it is done correctly. It is simply too big to do without assistance and proper counsel. It is certainly possible for you to sell using a lease to own system.
    Answer Applies to: Michigan
    Replied: 5/5/2014
    Austin Legal Services, PLC
    Austin Legal Services, PLC | Jared Austin
    Consult with a landlord/tenant lawyer who can correctly prepare all the necessary documents for you and counsel you on what to do and how to protect yourself legally.
    Answer Applies to: Michigan
    Replied: 5/5/2014
    Paul Whitfield and Associates P.A.
    Paul Whitfield and Associates P.A. | Paul L. Whitfield
    Fairly simple and straightforward but you ought to have a real estate lawyer help you to make sure you do it right.
    Answer Applies to: North Carolina
    Replied: 5/5/2014
    Andrew T. Velonis, P.C.
    Andrew T. Velonis, P.C. | Andrew Velonis
    This is too general to answer on this forum. I'm sure you've looked at other sites besides legal advice. It would probably be best to bite the bullet and pay a consultation fee to sit down with a lawyer and go over all of your questions. Better than than to miss something and run into adverse consequences later.
    Answer Applies to: New York
    Replied: 5/5/2014
    Lewis B. Kaplan | Lewis B. Kaplan
    In Illinois this is called an AGREEMENT FOR WARRANTY DEED. What you should know about this is that you will need an experienced real estate lawyer to handle this. Doing it yourself? NOT!
    Answer Applies to: Illinois
    Replied: 5/5/2014
    Edward L. Armstrong, P.C. | Edward L. Armstrong
    This question is more one of practicality than legality. Leasing your home means, to some extent, you give up control of that piece of property. Your biggest worry will be what your tenants might do to the property or maybe more importantly what they will not do. My advice would be to sell the house outright and let a bank worry about getting payments out of the new owner.
    Answer Applies to: Missouri
    Replied: 5/5/2014
    Candiano Law Office
    Candiano Law Office | Charles J. Candiano
    Consult a real estate attorney or buy a book. You do not have a question.
    Answer Applies to: Illinois
    Replied: 5/5/2014
    Vandervoort, Christ & Fisher, P.C. | James E. Reed
    You are contemplating a fairly complex transaction, so it's not possible to provide any specific guidance. Some considerations: 1. Do you have a mortgage on this property? If so, this transaction may trigger the due on sale clause in the mortgage. 2. How much money will the tenant/buyer have into the transaction? You want the tenant/buyer to have enough into the transaction that they will not default. My experience is that tenant/buyers enter into these lease/options because their credit is bad. That should tell you something right there. 3. If the tenant/buyer defaults, are you prepared to go somewhere between1 - 10 months without payments and pay money to an attorney in an attempt to terminate the tenant/buyer's rights?
    Answer Applies to: Michigan
    Replied: 5/5/2014
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